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IMPORTANT INFORMATION THAT MAY IMPACT YOUR ACCOUNTS

As you might be aware, new regulatory requirements will change how overdrafts are handled by financial institutions for consumer accounts.  Since these changes may affect the way you manage your account, we want you to understand the choices that you will have with SC Telco Federal Credit Union. 

SC Telco understands that sometimes you may not have enough money in your account to cover certain transactions. This can occur when you are faced with unforeseen expenses, or may even occur when you have mistaken how much money is in your account. That is why SC Telco may currently authorize and pay overdrafts for checks written on your account, recurring debit transactions, everyday debit card transactions, ATM withdrawals, and ACH transactions.

At the discretion of SC Telco, ATM & everyday Debit Card transactions may have been paid in the overdraft and your account was assessed our standard $29 overdraft fee. Due to the recent change in federal regulations, effective on August 15, 2010, unless you opt in, everyday Debit Card and ATM transactions that would overdraw your account may not be approved.  Network rules may at times allow these transactions to be approved. Everyday debit card transactions are one-time transactions for purchases you make through your day-to-day spending (e.g., at a store, over the phone, or online). The changes to this federal regulation do not apply to overdrafts caused by check, ACH or recurring debit card transactions. 

Please review the Discrectionary Courtesy Pay Policy and What You Need To Know About Overdraft and Overdraft Fees.  If you have not already opted in, you may do so in one of the following ways:

  • calling our Member Service Center at 800-922-0446;

  • completing the enclosed form and mailing it to us at Post Office Box 10708, Greenville, SC 29603 or bringing it by one of our eight convenient branch locations;

  • sending us a secure message by logging into MONEYLINK ONLINE and accessing the Message Center.

As a reminder, you will still pay a $29 fee each time SC Telco covers overdrafts created by checks written on your account, recurring debit transactions, everyday debit card transactions, ATM withdrawals, and ACH transactions. SC Telco reserves the right to require you to pay an overdraft immediately or on demand. Whether your overdrafts will be paid is discretionary and we reserve the right not to pay overdrafts created by any type of transaction. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts.

Remember, unless you opt in by August 15, 2010, everyday Debit Card and ATM transactions that would overdraw your account may not be approved.  Network rules may at times allow these transactions to be approved. 

We appreciate your business, and want to make sure you have the information you need to make the right decision for you If you have any questions regarding Courtesy Pay, simply visit the branch nearest you, or contact Member Service Center at (800) 922-0446.

 

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